Macedonias CA deficit narrows 9.9% y/y in March 2012.

By bne IntelliNews May 31, 2012
The CA balance was a deficit of EUR 30.9mn in March, which compares with deficits of EUR 26mn in February and EUR 34.3mn in March 2011, according to data of the central bank. The annual narrowing of the deficit reflects strong growth of current transfers in March, while the goods, services and income accounts deteriorated on the year. Current transfers increased by 37% y/y to EUR 119.7mn in March. On the other hand, the merchandise trade deficit widened by 12.4% y/y to EUR 141.6mn in March, as exports dropped by 0.2% y/y to EUR 251.2mn and imports expanded by 4% y/y to EUR 392.8mn. In Q1, the CA deficit has narrowed by 50.2% on the year to EUR 99.7mn or 1.3% of projected full-year GDP. The improvement in the CA balance reflects a decrease in the merchandise trade deficit and strong growth of current transfers. On the other hand, the services and income accounts deteriorated on the year in Q1. The merchandise trade deficit has narrowed by 14.4% y/y to EUR 395mn in Q1, as exports have decreased by 2.7% y/y to EUR 693.5mn and imports have contracted by 7.3% y/y to EUR 1.09bn. Current transfers have increased by 24.3% on the year to EUR 330.7mn in the first quarter of this year.
Balance of payments, EURmn
2011 2012
March Q1 March Q1
CURRENT ACCOUNT -34 -200 -31 -100
GOODS -126 -462 -142 -395
Exports, f.o.b. 252 712 251 694
Imports, f.o.b. -378 -1,174 -393 -1,088
SERVICES 11 19 3 -10
INCOME -7 -24 -12 -26
CURRENT TRANSFERS 87 266 120 331
CAPITAL ACCOUNT 1 9 1 3
FINANCIAL ACCOUNT 255 424 47 91
Direct investment 94 202 1 59
Portfolio investment -1 -3 1 3
Other investment 162 226 44 28
ERRORS AND OMISSIONS -17 -24 11 12
OVERALL BALANCE 204 209 27 6
Source: Central bank

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